A businessman whose failed attempt to launch a Scottish Stock Exchange ended in a mountain of debt has left another trail of unpaid bills over his latest attempt to revive the idea.
Tomas Carruthers was behind Project Heather which burned through millions of pounds after he began courting investors and politicians in 2018.
Just six months after moving into a new head office in George Street, Edinburgh, the project collapsed with staff owed unpaid wages, pensions and expenses, and other bills not paid.
In 2022 he kickstarted a similar initiative named Project Blackthorn but it has made little progress. Some of those who were persuaded to back him have now come forward to say they too have been left out of pocket.
Mike Millar, who runs a tech design business, has employed a debt collection agency to chase Mr Carruthers for almost £7,000 outstanding since last September.
“It was clearly a mistake to get involved with him, but everything seemed to be in order,” said Mr Millar on why he offered to work for Mr Carruthers. “He had answers to what had gone wrong at Project Heather.
Amy Walkers, who was helping with the human resources at Project Blackthorn, said she is owed £6,000 for two months’ work.
“I was promised he would get funding. I sent invoices but they were never paid,” she said.
Tomas Carruthers had hoped to resurrect Scotland’s first Stock Exchange for 50 years. He enlisted initial support for Project Heather from a range of high profile business leaders and politicians.
Early funding was promised byAnderson Anderson & Brown, the accountancy and business advisory firm, together with Scottish Enterprise, though it is thought this was conditional and was never drawn down.
The project was promoted by former SNP MP Michelle Thomson and a number of senior figures were signed up for key roles in compliance, risk and marketing with the aim of having 45 staff in Edinburgh, Glasgow and Aberdeen.
There were advanced talks about joining the Euronext network of European exchanges and a presentation took place at the Scottish Parliament.
A four-year lease was signed with Crown Estates Scotland on the George Street premises but it sought an eviction order for unpaid rent.
Tomas Carruthers has been contacted for comment.
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